Cardano Yearly Support: The Key To A 15% Price Breakout?
Cardano (ADA) has remained perched above the critical annual support level of $0.24, a steadfast line of defense in the face of market volatility. Despite the notable price swings, the asset’s price action has failed to commit to either a bullish or bearish trend, leaving market participants uncertain about the coin’s future.
A closer look at the daily chart reveals that this indecisive phase is gradually forming a symmetrical triangle pattern, potentially holding the key to forecasting the coin’s near-term trajectory.
As of the most recent data from CoinGecko, Cardano is trading at 0.251940, reflecting a modest 0.3% increase over the past 24 hours, although it has experienced a seven-day loss of 2.7%. These minor fluctuations underscore the prevailing market uncertainty surrounding ADA’s price movement.
Cardano Key Support: A Resilient Barrier
According to a price report, Cardano can maintain its position above this lower trendline, a moderate upswing towards the upper boundary of the triangle at approximately $0.258 could be in the cards, representing a potential gain of 5.5%.
While the triangular pattern remains intact, ADA is expected to remain trapped in a sideways trend. However, should a decisive breakout occur above the triangle, it could ignite a robust 15% rally, setting its sights on the coveted $0.3 milestone.
In a separate report, the outlook remains bearish if buyers fail to seize control of the market in the near future. Traders should brace themselves for a potential test of the $0.24 range in the coming days, adding to the prevailing uncertainty that has kept ADA investors on their toes.
ADA’s Path Ahead
Taking a midterm perspective, the immediate focus should shift to the nearest support level of $0.2380. Given the absence of any convincing reversal signals at this point, a further decline to $0.23 may be on the horizon.
